The first loans under Freddie Mac’s new platform, which purchases and securitizes smaller balance mortgages, have closed, the lender told Mortgage Observer.
The two loans, backed by apartment buildings in Los Angeles, Calif., closed last week, according to a representative for Greystone, which originated the $4.6 million on two apartment buildings. Read More
Silvershore Properties closed on the purchase three multifamily buildings along Patchen Avenue in Bed-Stuy for $3.6 million on Monday, Commercial Observer has learned.
The apartment buildings at 137, 148 and 150 Patchen Avenue, which total 22 units, add up to seven properties Silvershore has picked up in Brooklyn in November and December for a collective $15 million, company officials said. Read More
All good things must come to an end. With 2014—a year in New York City real estate marked by multi-million and multi-billion dollar purchases, large-scale leases and high-stakes zoning debates—winding down, everyone’s wondering what’s next. So Commercial Observer asked some of the industry’s boldfaced names to provide a picture of the year in review and Read More
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Whether it’s in your finances, love life, or weight, the New Year is a time to look back and take stock. So why not with the city’s commercial leases, too?
This year’s top 10 office leases together comprise roughly 6 million square feet of space—less than last year’s by 1.2 million square feet, according to Commercial Observer’s own research as well as data provided by Cassidy Turley and JLL. But last year’s deals were skewed by Citigroup’s decision to remain at its 2.7-million-square-foot offices at SL Green’s 388-390 Greenwich Street. Read More
Santiago Calatrava Has What It Takes To Design the Most Striking (and Expensive) Transit Center in NYC history
Santiago Calatrava talks to CO about his World Trade Center Transportation Hub and St. Nicholas National Shrine designs. Read More
The year that’s winding down was one of superlatives. The city’s most important anchor tenants began to assume occupancy in the tallest building in the Western Hemisphere. One of the most prestigious department stores took a 250,000-square-foot lease in a planned neighborhood expected to be larger than most American cities’ central business districts. And one of the most progressive mayors in the country spent his first year in office implementing one of the most ambitious agendas.
But regardless of the headlines and the show-stopping deals that happened in 2014, concerns and controversies also linger, and questions about 2015 abound. Read More
Few people can sit in their office, crane their head slightly, and point out the window to the nearby skyscrapers they own. Larry Silverstein can.
The 83-year-old chairman of Silverstein Properties and master leaseholder and developer of the World Trade Center site invited Commercial Observer into his office on the 38th floor of 7 World Trade Center, motioning both in the direction of the existing and rising towers on the Trade Center site and the almost-topped out condo and Four Seasons hotel by Robert A.M. Stern at 30 Park Place. “It’s exciting as hell,” Mr. Silverstein said with his signature enthusiasm. Read More
The property at 10 Greene Street in Soho’s Cast Iron District was sold to Javeri Capital, a family-owned investment firm, for $14.5 million, according to a press release issued by Highcap Group.
The Greene Street loft building, built in 1869, includes roughly 12,500 square feet and sits between Grand and Canal Streets. It has approximately 28 feet of frontage and features a cast-iron facade. The property also has 1,500 square feet of air rights. Read More
East Coast industrial still has appeal.
New York-based CIT Real Estate Finance provided construction financing to the Dallas office and industrial developer Hillwood Investment Properties for a 1.2-million-square-foot warehouse and distribution center in York County, Pa., Mortgage Observer has first learned. Read More
A Red Hook property at 62-64 Ferris Street, primed for development and with waterfront views, sold to Est4te Four, a real estate development group, for $16 million, Commercial Observer has learned. Read More
An Israeli women’s social service provider organization will move its New York City office across Seventh Avenue next month, Commercial Observer has learned.
The Emunah of America organization, which operates a network of 250 educational, housing and senior services programs in Israel, will relocate from 7 Penn Plaza to Empire Management‘s 363 Seventh Avenue through a seven-year, 3,400-square-foot lease at the property one block south of Penn Station, officials with the Kaufman Organization said. The second-floor space at the 22-story structure commanded an asking rent in the high $40s per square foot, they noted. Read More
Colliers International added Eric Yarbro to its team as an executive managing director on Dec. 9, Commercial Observer has learned.
Mr. Yarbro, who was previously a senior vice president at CBRE, arranged over $500 million in transactions during his 27 years there, he told CO. The office leasing agent who has represented clients like General Motors, AOL, Eastman Kodak, Prudential Financial, Fifth Third Bank, Western Union, Teachers Village, and Servcorp now joins a new team. Read More
Cure Urgent Care will open the growing chain’s third location next spring at the Monterey apartment building on the Upper East Side, Commercial Observer has learned.
The company, which also offers walk-in clinic care at locations on Long Island and the Upper West Side, signed a 15-year, 2,900-square-foot lease to occupy a ground floor space in the 521-unit rental property that Rubin Schron owns at 175 East 96th Street. The building that’s between Lexington and Third Avenues commanded asking rents of $145 to $150 per square foot, officials at Cure said. Read More
American International Group provided a $40 million mortgage to Brooklyn-based LargaVista Companies for the fee simple interest in a development site on Lafayette Street in Soho, Mortgage Observer has learned.
The 20-year, fixed-rate loan was brokered by an HFF team led by Senior Managing Director Michael Tepedino and Managing Director Michael Gigliotti. HFF will also service the loan, according to the firm. The broker and borrower declined to name the lender. Read More
The city Human Resources Administration will maintain its current office presence on the sixth floor of Forest City Ratner Company‘s 1 MetroTech Center in Downtown Brooklyn through a new 10-year lease, under a proposed 27,000-square-foot agreement city officials will review next week.
The agency, which moved to the building from 10 MetroTech Center to make way for Forest City’s demolition and future residential project on that site, would pay the landlord $936,900 per year in rent from the lease’s commencement until Oct. 13, 2018 and then escalate the payments to $1,044,900 per year until Oct. 13, 2024, according to a public notice announcing the Dec. 22 hearing. Read More